Yanlord Land sells 58.4% of units in Chinese residential project

SGX-listed Yanlord Land Group announced on Monday that it has sold 58.4 per cent, or 181 out of its 310 apartment units, at its inaugural launch of Yanlord Riverside Gardens in Tianjin, China.

Yanlord Riverside Gardens is the group’s second international community development in Tianjin and contracted a total of 572 million yuan in pre-sales.

The real estate developer said that despite market uncertainties arising from the introduction of regulatory policies by the central government impacting sales volumes within the sector, the market has shown a “positive response”.

Yanlord’s chairman and chief executive officer, Zhong Sheng Jian said: “(This) reflects the group’s brand equity as a leading high-end developer within China, and is a testament to the strong support and confidence that buyers place in our ability to deliver quality developments.”

Moving forward, the group said that it will “remain steadfast” in their “commitment to build internationally recognised developments”.

Source : Channel NewsAsia – 1 Aug 2011

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